ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED vs BISHAL JAISWAL

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2021 Supreme(SC) 201

ROHINTON FALI NARIMAN, B.R.GAVAI, HRISHIKESH ROY
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED – Appellant
Versus
BISHAL JAISWAL – Respondent

Advocates appeared:
For the Appellant(s) : Mr. Sanjay Bhatt, Adv. Mr. Sumit Nagpal, Adv. Ms. Akansha Srivastava, Adv. Mr. Rabin Majumder, AOR Mr. Mukul Rohatgi, Sr. Adv. Mr. Sanjay Kapur, AOR Mr. V.M. Kannan, Adv. Ms. Megha Karnwal, Adv. Mr. Arjun Bhatia, Adv. Mr. sidhartha Barua, Adv. Ms. Adity Gupta, Adv. Ms. Jasmine Damkewala, AOR Mr. Praful Jindal, Adv. Ms. Ritika, Adv. Ms. Vaishali Sharma, Adv. Mr. Dinesh Chander Trehan, Adv. Mr. Ramji Srinivasan, Sr. Adv. Mr. abhirup Dasgupta, Adv. Mr. Ishaan Duggal, Adv. Ms. Bhawana Sharma, Adv. Ms. Rajshree Chaudhary, Adv. Mr. Mohit D. Ram, AOR
For the Respondent(s): Mr. Kaushik Poddar, AOR Mr. Parmatma Singh, AOR Mr. Sanjeev Kumar, Adv. Mr. Anshul Sehgal, Adv. Mr. Faisal Sherwani , AOR Mr. Soayib Qureshi, AOR Mr. C.A. Sundaram, Sr. Adv. Mr. Abhijeet Sinha, Adv. Mr. Zafar Inayat, Adv. Ms. Rohini Musa, Adv. Mr. Abhishek Gupta, Adv. Mr. Aditya Shukla, Adv. Ms. Pallavi Pratap, AOR Ms. Pallavi Pratap, AOR Mr. Mukund P. Unny, Adv. Sriram Parakkat, AOR Mr. Sreenath S., Adv.

JUDGMENT :

R.F. Nariman, J.

Civil Appeal No.323 of 2021

1. In 2009, Corporate Power Ltd. ["the corporate debtor"] set up a thermal power project in Jharkhand, and for so doing, availed of loan facilities from various lenders, including the State Bank of India ["SBI"]. The account of the corporate debtor was declared as a non-performing asset by SBI on 31.07.2013. On 27.03.2015, SBI issued a loan-recall notice to the corporate debtor in its capacity as the lenders' agent. On 31.03.2015, some of the original lenders of the corporate debtor, namely, India Infrastructure Finance Company Limited, SBI, State Bank of Hyderabad, State Bank of Bikaner and Jaipur, State Bank of Patiala, and State Bank of Travancore assigned the debts owed to them by the corporate debtor to the appellant, the Asset Reconstruction Company (India) Limited. On 20.06.2015, the appellant issued a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 ["SARFAESI Act"] on behalf of itself and other consortium lenders to the corporate debtor. On 01.06.2016, the appellant took actual physical possession of the project assets of the corpor

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2021 Supreme(SC) 201

ROHINTON FALI NARIMAN, B.R.GAVAI, HRISHIKESH ROYASSET RECONSTRUCTION COMPANY (INDIA) LIMITED – AppellantVersusBISHAL JAISWAL – Respondent

Cases Referred (13)

ROHINTON FALI NARIMAN, B.R.GAVAI, HRISHIKESH ROY
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED – Appellant
Versus
BISHAL JAISWAL – Respondent